David Stockman, considered the financial guru of the Reagan administration when he headed the Office of Management and Budget, believes Republicans are blowing it when it comes to fiscal responsibility. And this isn’t the first time he’s been vocal about his party’s failings. Speaking with Fareed Zakaria on CNN, Stockman made some key points (h/t Think Progress).

The 2001 Bush tax cut “was totally not needed.”

On claims that Reagan proved tax cuts lead to higher government revenues: “Reagan proved nothing of the kind and yet that became the mantra and it just led the Republican Party away from its traditional sound money, fiscal restraint.”

Former Vice President Cheney “should have known better” than claim the Bush tax cuts would pay for themselves.

“I’ll never forgive the Bush administration and Paulson for basically destroying the last vestige of fiscal responsibility that we had in the Republican Party. After that, I don’t know how we ever make the tough choices.”